A Charlotte-based apartment developer bought the site of a planned project in Lakewood, concluding a messy buying process that ended a litigation.
Crescent Communities said last week that it and its financial partner ParkProperty Capital completed the purchase of the 7.36-acre site at 6263 W. Jewell Ave., which previously housed the White Fence Farm restaurant, which closed in 2018.
The sale price was $ 4.68 million, according to Fuller Real Estate, whose brokers Bob Leino and Andrew Dodgen represented the seller. This comes down to about $ 14.60 per square foot for the land.
Crescent said it plans to build a 202-unit apartment complex called Novel White Fence Farm on the site. It will consist of several buildings of three and four floors.
Construction begins this month, according to the company, and the first units are expected to be completed in early 2023. UMB Bank is providing construction financing.
In addition to the 22,586 square foot restaurant, which could seat 600 people, the property had a gift shop, a petting zoo, and a 12,500 square foot barn used for entertainment. Crescent said he would reuse the barn to make it a clubhouse for the complex.
Fuller Real Estate said Crescent put the property under contract in August 2018, months before the restaurant known for its fried chicken closed.
In February 2020, Crescent Communities and C&P Properties LLC – the owner of the property at the time – sued the town of Lakewood, saying the project had derailed by a measure recently passed by Lakewood voters that capped the growth of the city housing.
The company claimed in the lawsuit that city staff and Lakewood City Council have repeatedly told Crescent that its project and three others for which building permits had been submitted and accepted would be allowed to move on. before despite the vote due to an “Leave to continue” provision included in the law.
But the company said the board later approved a resolution that allowed the other three projects to move forward, but not Crescent’s.
In late 2020, both parties said in court documents that they were drafting a settlement that would establish “a process that would allow Crescent to proceed with approval of a modified redevelopment project that is the subject of this pursuit “.
Crescent did not refer to the lawsuit when announcing the project last week, although it did include a statement from Ben Krasnow, the company’s chief executive for Mountain States.
“Over the past two years, our team has worked diligently with the Town of Lakewood and our future neighbors to ensure that this project will not only have a lasting positive impact on the area, but will also fit naturally into the neighborhood identity. said Krasnow. “We are deeply grateful for the collaboration of all parties throughout the planning process, and we look forward to continuing to work closely with the community of Lakewood as we approach the grand opening.”
Seller C&P Properties LLC paid $ 3.75 million for the property in November 2014, according to records.
Crescent Communities is already building a project in Denver at 1300 40th St. in RiNo. The company has also proposed a project in the 1500 block of Logan Street in Uptown, but it does not yet own this site.